Morning Brief: JPMorgan CEO Dimon stresses America's leadership role in the world

What to watch today

On Thursday, Facebook and trade are still likely to be major market drivers with investors looking at an economic calendar that will feature only the weekly report on initial jobless claims and earnings out of Monsanto (MON), Conn’s (CONN), and WD-40 (WDFC).

Thursday’s data on initial claims will be the second of three-straight labor market reports that are expected to affirm the strength of the economy and the U.S. job-creating machine. On Wednesday, ADP’s latest reading on private payroll growth in March showed 241,000 jobs were added to the economy during the third month of the year, topping expectations for 210,000 jobs to be created. This report comes ahead of Friday’s official jobs report from the Labor Department, which is expected to show 185,000 jobs were created in March.

Top news

Dimon talks China and immigration: Stating that “U.S. global engagement is needed more than ever,”JPMorgan Chase CEO Jamie Dimon lays out a case for how trade issues with China should be addressed and why resolving immigration is so critical to our national well-being. Writing in his widely-read annual letter to shareholders — coming in this year at 47 pages — Dimon stakes a strong globalist position, perhaps not surprising for the leader of one of the biggest banks in the world.

Dimon: ‘America’s role in the world is critical’: “We need to resolve immigration,” Dimon writes. “It is tearing apart our body politic and damaging our economy. Immigration reform is important both morally and economically. Immigration has been a critical part of America’s economic and cultural vitality.”

Dimon says the 10-year ‘could or should’ trade at 4%: Dimon sees interests rates normalizing as the economy continues to grow and central banks unwind years of stimulative monetary policy. “It would be a reasonable expectation that with normal growth and inflation approaching 2%, the 10-year bond could or should be trading at around 4%. And the short end should be trading at around 2 1⁄2% (these would be fairly normal historical experiences).” Presently, the 10-year yield ( ^TNX) is right around 2.8%. Meanwhile on the short end, the 2-year yield ( ^USTTWO) is at 2.3%.

Mark Zuckerberg: Yes, still best person to run Facebook: Facebook’s CEO and co-founder gave an unqualified “Yes” when asked if he was “still the best person to run” the company, during a press call with reporters on Wednesday afternoon. His second such call with the media in two weeks. Facebook conducted the call hours after it disclosed that the information of as many as 87 million people — 37 million more than initially reported — may have been improperly shared with Cambridge Analytica. [Yahoo Finance]

Nike executive says company needs to step up promotion of women, minorities: Nike Inc.’s (NKE) chief human resources officer, Monique Matheson, said on Wednesday that the company needs to accelerate representation of women and people of color at leadership levels. Twenty-nine percent of the sportswear company’s vice presidents are women, while the company’s global workforce is split between 52% men and 48% women, Matheson said in an emailed statement. [Reuters]

Thousands gathered and marched in a picket line outside the Oklahoma state Capitol building during the third day of a statewide education walkout on April 4, 2018 in Oklahoma City, Oklahoma. Teachers and their supporters are demanding increased school funding and pay raises for school workers. (Photo by Scott Heins/Getty Images)